"Bought Shares Knowing Good News in Advance"... Joint Task Force Raids Kosdaq Bio Company
The Joint Task Force for Eradication of Stock Price Manipulation has initiated a compulsory investigation into Kosdaq-listed bio company A and its employees over allegations of insider trading for unfair profits prior to the public disclosure of undisclosed information.
According to the financial sector on September 15, the task force is currently conducting a search and seizure operation at the headquarters of company A in Gangnam-gu, Seoul, as well as the residences of its employees.
More than 10 employees of company A are suspected of acquiring shares in company A before the announcement of a technology transfer agreement related to the development of a therapy with a global pharmaceutical firm and then selling the shares after the disclosure and price surge, generating approximately 1 billion won in unlawful gains.
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Company A disclosed that it had signed technology transfer agreements related to the development of new therapies with a global pharmaceutical firm in both the first and second halves of last year. After these disclosures, company A's share price rose significantly.
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